Ketaan Ram Kataria
Patna : Gold prices reached an unprecedented milestone on Tuesday, with the Multi Commodity Exchange (MCX) October futures contract surpassing Rs 1 lakh per 10 grams for the first time. The October contract surged by Rs 2,000, or 2%, to hit a record high of Rs 1,00,484 per 10 grams, driven by escalating global economic uncertainties and increased demand for safe-haven assets.
The most-traded June futures also witnessed significant gains, climbing Rs 1,899 to reach Rs 99,178 per 10 grams in early trade. Later, it traded at Rs 98,880, up Rs 1,601 or 1.65%, with an open interest of 22,687 lots. August contracts followed suit, rising Rs 1,848, or 1.89%, to a fresh peak of Rs 99,800 per 10 grams.
Analysts attribute this rally to concerns over U.S. monetary policy, particularly President Donald Trump’s criticism of Federal Reserve Chair Jerome Powell, which has spurred investors toward safe-haven assets like gold. Prathamesh Mallya, DVP-Research at Angel One, noted that gold has surged over 30% this year, bolstered by trade tensions, a declining Dollar Index, robust flows into bullion-backed ETFs, and continued central bank purchases.
On the global front, gold futures reached a new peak of $3,504.12 per ounce before slightly retreating to $3,490.72, still up $65.42 or 1.91%. This historic milestone underscores gold’s enduring appeal as a safe-haven asset amid economic volatility.
